LEASE AGREEMENT Translation
Exhibit
10.8
Translation
Party A:
Chongqing Foguang Tourism Development (Group) Co., Ltd.
Party B:
Chongqing Guobang Industrial Co., Ltd.
Through
friendly consultation, the parties enter into the following agreement pursuant
to the Contract Law of the People’s Republic of China, the Law on Administration
of Urban Real Estate of the People’s Republic of China and other relevant laws
and regulations:
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I.
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Party
A agrees to lease to Party B the property located at the 0xx
Xxxxx xx xxx Xxxxxxx Xxxxxxxx Xxxx with a total area of 1,938.17 square
meters.
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II.
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The
property is located at 0 Xxxxxxx Xxxx, Xxxxxxx Tower 4th
Floor, Nan’an District, Chongqing, as certified in the following
certificates:
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·
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Property
Ownership Certificate # (2006)09328, 630.36 square
meters
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·
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Property
Ownership Certificate # (2006)09330, 630.36 square
meters
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·
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Property
Ownership Certificate # (2006)09329, 630.36 square
meters
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III.
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Lease
Term and Payment
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1.
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The
monthly rent is RMB 192,000.
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2.
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Party
B shall pay the monthly rent five days in advance of the next month. Party
B shall not have the obligation to pay rent until it subleases the
property and receives rent.
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IV.
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Purpose
and Transfer of Lease: Party A understands and agrees that Party B will
sublease the property to a third party. Party A shall not interfere with
Party B’s use of the property.
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V.
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During
the term of the Agreement, if Party B and the sub-tenant of the sublease
terminate the lease agreement, Party B shall have the right to decide if
this Agreement will be continued or terminated. In this circumstance, if
Party B decides to terminate the Agreement, Party B shall notify Party A
in writing. Party A shall make sure the validity of its mailing address
and notify Party B of any change of mailing address in writing, otherwise,
when Party B sends the notice to Party A’s designated mailing address, the
return date of the mail shall be deemed as the notice
date.
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VI.
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House
Renovation: Party A agrees that Party B and its sub-tenants may remove the
decoration of the leased property. Upon the termination of this Agreement,
Party A may not restore the decoration of the property (including the
partition wall), nor compensate Party A for any decoration or renovation.
However, Party B shall not change the decoration status of the property at
the termination of this Agreement.
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VII.
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Party
A shall have the right to either continue or terminate the Agreement if
Party B fails to sublease the property by December 31,
2005.
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VIII.
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Property
Management Fees: Party B shall pay the property management fees and
charges for water and power.
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1
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IX.
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Deliver
of Property: Party A shall deliver the property to Party B by December 20,
2005.
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X.
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Breach
of Agreement: any party who breaches the Agreement shall pay the penalty
to the non-breaching party that equals the amount of one year’s rent and
shall compensate for any economic loss incurred by the non-breaching party
(including the amount of all damages that Party B pays to the
sub-tenants). Party B shall pay a late fee of 2/10,000 of the overdue rent
per day if Party B fails to pay the rent
timely.
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XI.
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Supplement
Provisions: any unsettled matters under this Agreement may be supplemented
by the parties with a supplement agreement, which shall have the same
effect of this Agreement.
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XII.
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This
Agreement shall become effective upon execution of both parties and the
entry of agreement between Party B and third
parties.
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XIII.
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This
Agreement is executed into four duplicates with equivalent effect. Each
party shall hold one duplicate.
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Party A:
Chongqing Foguang Tourism Development (Group) Co., Ltd. (Signature &
Stamp)
Mailing
Address: Xxxx Xxxxxxx House, ChangShou District, Chongqing
Party B:
Chongqing Guobang Industrial Co., Ltd. (Signature & Stamp)
Mailing
Address: 0 Xxxxxxx Xxxx., Xxxxxxx Tower, 7th
Floor, Nan’an District, Chongqing
December
10, 2005
